EUR/USD: It looks worth placing tight protective stops above 1.0620/1.0640 – ING

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23 October 2023

EUR/USD: It looks worth placing tight protective stops above 1.0620/1.0640 – ING

EUR/USD ended last week higher, just below the 1.06 mark. Economists at ING analyze the pair’s outlook.

Positioning is the main factor why EUR/USD is not going any lower

Somewhat surprisingly, Friday's release of euro futures contracts in Chicago saw speculators actually increasing net long positions. Overall, we suspect positioning is the main factor why EUR/USD is not going any lower now.

Despite a negative macro backdrop, it looks worth placing tight protective stops above 1.0620/1.0640 against an unexpected correction higher.

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